The company today announced Arthur Toscanini, its chief financial officer and longtime executive, is leaving the company to pursue other business and personal interests.
Toscanini, who spent the past eight years as the firm's CFO, was part of the original management team that helped the start-up grow into a global management and consulting firm with more than $600 million in revenues.
Once a Wall Street darling, the Cambridge, Mass.-based firm has since been struggling with a reorganization, executive turnover, plummeting stock and revenue shortfalls. Analysts believe the company is an acquisition target for a number of major European firms looking to gain significant footing in America.
Toscanini is the latest in a string of executives to leave the company.
Many of the top executives at CTP, including its founder Jim Sims, have left to form start-ups or to join smaller consulting firms that deliver Internet services. Former CTP president Bob Gett now runs e-services company Viant, while former executive vice president Bill Seibel is now CEO of e-services start-up Zefer. Gordon Brooks, a CTP cofounder, now heads Breakaway Solutions. CTP top executive Malcolm Frank also left recently to help found start-up NerveWire, which just launched last month.
Sims, who led the company for nine years, left CTP in July to work on more "entrepreneurial endeavors." The company appointed board member Jack Messman as its new CEO. Sims has yet to resurface, but sources say he's working on a new venture focused around Internet services.
"I have spent the last several months considering various options," Toscanini said in a statement. "I am eager to take my knowledge and experience to an earlier stage company. This choice is based on what I will find most personally satisfying at this stage in my career."
The company said Toscanini will assist in the transition until a search for his successor is completed.